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Comstock Homebuilding Files IPO

Jeffrey R. Hirschkorn, Senior IPO Analyst, Aug. 13, 2004

Despite current turbulence in effectively pricing new stock issuance, a path of new deal filings continues to occur. Case in point: Comstock Homebuilding (proposed: CHCI), a production homebuilder with operations principally in the Southern portion of the country, filed plans today for an IPO. The IPO, which is being managed by BB&T; Capital Markets, seeks to price $75 million of common shares.

Attraction to this IPO, analysts say, is the firm�s cleaning looking financial statements. Comstock earned $2.1 million on revenues of $17.9 million in the first quarter of 2004. That compares with profits of $382,000 on sales of $8.3 million in the same period in 2003.

Late today, Advance America (proposed: AEA), the largest provider of payday cash advance services in the United States, filed plans for an IPO. The company seeks to price $345 million of common shares through sole manager Morgan Stanley.

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